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[MARKET ANALYSIS] European bourses earlier losses, tech underperforms as losses in South Korean giants weigh on the sector

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[MARKET ANALYSIS] European bourses earlier losses, tech underperforms as losses in South Korean giants weigh on the sector

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  • European bourses (STOXX 600 +0.4%) initially started Thursday's trade on a softer footing but have climbed off their lows, with all indices in the green, outside of the AEX (-0.3%). Sentiment overnight was on the softer side, following another tech selloff in South Korean stocks (Samsung -9.1%, SK Hynix -14.6%) after Meta plans to sell excess AI compute to build a cloud business, raising questions over excess in AI capacity. However, with Europe lacking the big AI giants, this seems to support the Euro area.
  • Sectors point to a positive bias. Optimised Personal Care (+2.1%) tops the sector pile, followed by Food, Beverages & Tobacco (+2.0%) and Health Care (+1.5%). As expected, Technology (-1.9%) is the clear sector laggard and the only sector in the red.
  • An update for KNDS: the Co. has postponed its IPO due to volatility, and will wait until "market conditions become more favourable." The decision was hampered following the 19% drop in Rheinmetall after the German government abandoned its contract for warships. This drove European defence stocks lower, which complicated negotiations over the sale by Wegmann of a 40% stake to the government.
  • Key movers include: Currys (-3.1%), despite FY adj. pretax profit and adj. EBIT beat estimates while announcing a GBP 50mln share buyback programme; Roche (+2.1%), announced that its divarasib met its primary and key secondary objectives in a head-to-head clinical trial that beat existing therapies; Pandora (+3.6%), upgraded to neutral at UBS.
  • US equity futures are softer across the board, with the NQ lagging as it gets weighed on by the tech selloff in Asia. An update for Google (-1.1%), the European Court of Justice ruled against the Co. over its EUR 4.1bln Android fine.

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